Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Aemetis Inc
Physical assets are 89.0% of total assets, a heavy footprint. Capex is 2.71x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.13x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.95x.
Physical asset ratio
89.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$219.72MpropertyPlantAndEquipmentNetInventory$11.63MinventoryTotal assets$259.84MtotalAssetsResult 89.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$207.98MtotalRevenueNet PP&E$219.72MpropertyPlantAndEquipmentNetResult 0.95x
Revenue per dollar of the physical asset base.
Capex / D&A
2.71xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$26.00McapitalExpendituresD&A$9.58MdepreciationAndAmortizationResult 2.71x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$259.84MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$566.67MtotalLiabTangible book-$306.83MShares65,785,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$4.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.25Latest quoteTangible book / share-$4.662025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.25.
Fixed-charge coverage
-0.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$25.03MebitdaCapex$26.00McapitalExpendituresInterest$61.14MinterestExpenseShort-term debt$317.87MshortTermDebtEBITDA − capex-$51.03MPrincipal due is short-term debt.Result -0.13x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-25.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$22.74MfreeCashFlowMarket cap$90.21MMarketCapitalizationResult -25.2%
Latest free cash flow divided by current market cap ($90.21M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$37.22MoperatingIncomeTax expense-$18.75MincomeTaxExpensePretax income-$95.75MincomeBeforeTaxTax rate—Equity-$306.83MtotalStockholderEquityDebt$381.76MshortLongTermDebtTotalCash$4.89McashInvested capital$70.04MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 92.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$78.49MpropertyPlantEquipmentInventory$6.13MinventoryTotal assets$91.82MtotalAssetsResult 92.2% | 2.19xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$171.53MtotalRevenueNet PP&E$78.49MpropertyPlantEquipmentResult 2.19x | 0.86xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$4.07McapitalExpendituresD&A$4.72MdepreciationAndAmortizationResult 0.86x | -$5.21Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$91.82MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$197.40MtotalLiabTangible book-$105.58MShares20,252,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$5.21 | -0.49xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.35MebitdaCapex$4.07McapitalExpendituresInterest$18.21MinterestExpenseShort-term debt$17.30MshortTermDebtEBITDA − capex-$17.42MPrincipal due is short-term debt.Result -0.49x | -$9.58MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$5.51MtotalCashFromOperatingActivitiesCapex$4.07McapitalExpendituresFree cash flow-$9.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.58M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$10.93MoperatingIncomeTax expense$7.00KincomeTaxExpensePretax income-$36.28MincomeBeforeTaxTax rate—Equity-$105.58MtotalStockholderEquityDebt$48.73MshortLongTermDebtTotalCash$1.19McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.14xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$10.93MoperatingIncomeNet PP&E$78.49MpropertyPlantEquipmentResult -0.14x |
| 2019 | 90.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$84.23MpropertyPlantEquipmentInventory$6.52MinventoryTotal assets$99.90MtotalAssetsResult 90.8% | 2.40xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$202.00MtotalRevenueNet PP&E$84.23MpropertyPlantEquipmentResult 2.40x | 1.91xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$8.58McapitalExpendituresD&A$4.48MdepreciationAndAmortizationResult 1.91x | -$7.54Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$99.90MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$254.27MtotalLiabTangible book-$154.37MShares20,467,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$7.54 | -0.28xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.85MebitdaCapex$8.58McapitalExpendituresInterest$28.01MinterestExpenseShort-term debt$22.74MshortTermDebtEBITDA − capex-$14.43MPrincipal due is short-term debt.Result -0.28x | -$10.61MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$2.03MtotalCashFromOperatingActivitiesCapex$8.58McapitalExpendituresFree cash flow-$10.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.61M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.93MoperatingIncomeTax expense$1.13MincomeTaxExpensePretax income-$38.35MincomeBeforeTaxTax rate—Equity-$154.37MtotalStockholderEquityDebt$61.41MshortLongTermDebtTotalCash$656.00KcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$4.93MoperatingIncomeNet PP&E$84.23MpropertyPlantEquipmentResult -0.06x |
| 2020 | 93.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$112.77MpropertyPlantEquipmentInventory$3.97MinventoryTotal assets$125.14MtotalAssetsResult 93.3% | 1.47xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$165.56MtotalRevenueNet PP&E$112.77MpropertyPlantEquipmentResult 1.47x | 3.91xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$19.34McapitalExpendituresD&A$4.94MdepreciationAndAmortizationResult 3.91x | -$8.79Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$125.14MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$309.88MtotalLiabTangible book-$184.74MShares21,012,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$8.79 | -0.27xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.08MebitdaCapex$19.34McapitalExpendituresInterest$31.02MinterestExpenseShort-term debt$59.52MshortTermDebtEBITDA − capex-$24.42MPrincipal due is short-term debt.Result -0.27x | -$16.86MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.48MtotalCashFromOperatingActivitiesCapex$19.34McapitalExpendituresFree cash flow-$16.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$16.86M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.07MoperatingIncomeTax expense-$976.00KincomeTaxExpensePretax income-$37.64MincomeBeforeTaxTax rate—Equity-$184.74MtotalStockholderEquityDebt$200.06MshortLongTermDebtTotalCash$592.00KcashInvested capital$14.73MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$6.07MoperatingIncomeNet PP&E$112.77MpropertyPlantEquipmentResult -0.05x |
| 2021 | 87.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$135.10MpropertyPlantEquipmentInventory$5.13MinventoryTotal assets$160.83MtotalAssetsResult 87.2% | 1.57xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$211.95MtotalRevenueNet PP&E$135.10MpropertyPlantEquipmentResult 1.57x | 4.85xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$26.65McapitalExpendituresD&A$5.49MdepreciationAndAmortizationResult 4.85x | -$3.92Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$160.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$281.07MtotalLiabTangible book-$120.24MShares30,682,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$3.92 | -1.13xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$21.65MebitdaCapex$26.65McapitalExpendituresInterest$20.14MinterestExpenseShort-term debt$22.78MshortTermDebtEBITDA − capex-$48.30MPrincipal due is short-term debt.Result -1.13x | -$47.30MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$20.65MtotalCashFromOperatingActivitiesCapex$26.65McapitalExpendituresFree cash flow-$47.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$47.30M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.83MoperatingIncomeTax expense-$128.00KincomeTaxExpensePretax income-$47.28MincomeBeforeTaxTax rate—Equity-$120.24MtotalStockholderEquityDebt$188.77MshortLongTermDebtTotalCash$7.75McashInvested capital$60.78MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.12xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$15.83MoperatingIncomeNet PP&E$135.10MpropertyPlantEquipmentResult -0.12x |
| 2022 | 89.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$180.44MpropertyPlantEquipmentInventory$4.66MinventoryTotal assets$207.11MtotalAssetsResult 89.4% | 1.42xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$256.51MtotalRevenueNet PP&E$180.44MpropertyPlantEquipmentResult 1.42x | 7.02xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$39.16McapitalExpendituresD&A$5.58MdepreciationAndAmortizationResult 7.02x | -$5.84Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$207.11MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$408.97MtotalLiabTangible book-$201.85MShares34,585,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$5.84 | -1.68xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$79.72MebitdaCapex$39.16McapitalExpendituresInterest$21.41MinterestExpenseShort-term debt$49.22MshortLongTermDebtEBITDA − capex-$118.87MPrincipal due is the current portion of debt.Result -1.68x | -$62.02MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$22.87MtotalCashFromOperatingActivitiesCapex$39.16McapitalExpendituresFree cash flow-$62.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$62.02M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$34.40MoperatingIncomeTax expense$1.05MincomeTaxExpensePretax income-$106.71MincomeBeforeTaxTax rate—Equity-$201.85MtotalStockholderEquityDebt$248.77MshortLongTermDebtTotalCash$4.31McashInvested capital$42.60MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.19xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$34.40MoperatingIncomeNet PP&E$180.44MpropertyPlantEquipmentResult -0.19x |
| 2023 | 82.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$181.73MpropertyPlantAndEquipmentNetInventory$18.29MinventoryTotal assets$243.41MtotalAssetsResult 82.2% | 1.03xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$186.72MtotalRevenueNet PP&E$181.73MpropertyPlantAndEquipmentNetResult 1.03x | 4.73xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$33.12McapitalExpendituresD&A$7.01MdepreciationAndAmortizationResult 4.73x | -$5.70Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$243.41MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$460.38MtotalLiabTangible book-$216.98MShares38,061,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$5.70 | -0.97xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$34.84MebitdaCapex$33.12McapitalExpendituresInterest$33.00MinterestExpenseShort-term debt$37.03MshortLongTermDebtEBITDA − capex-$67.96MPrincipal due is the current portion of debt.Result -0.97x | -$19.29MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$13.83MtotalCashFromOperatingActivitiesCapex$33.12McapitalExpendituresFree cash flow-$19.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$19.29M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$37.40MoperatingIncomeTax expense-$53.74MincomeTaxExpensePretax income-$100.16MincomeBeforeTaxTax rate—Equity-$216.98MtotalStockholderEquityDebt$296.91MshortLongTermDebtTotalCash$2.67McashInvested capital$77.27MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.21xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$37.40MoperatingIncomeNet PP&E$181.73MpropertyPlantAndEquipmentNetResult -0.21x |
| 2024 | 81.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$186.20MpropertyPlantAndEquipmentNetInventory$25.44MinventoryTotal assets$259.30MtotalAssetsResult 81.6% | 1.44xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$267.64MtotalRevenueNet PP&E$186.20MpropertyPlantAndEquipmentNetResult 1.44x | 2.41xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$20.25McapitalExpendituresD&A$8.39MdepreciationAndAmortizationResult 2.41x | -$5.75Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$259.30MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$523.23MtotalLiabTangible book-$263.93MShares45,902,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$5.75 | -0.54xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$49.82MebitdaCapex$20.25McapitalExpendituresInterest$40.16MinterestExpenseShort-term debt$90.53MshortTermDebtEBITDA − capex-$70.08MPrincipal due is short-term debt.Result -0.54x | -$53.18MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$32.93MtotalCashFromOperatingActivitiesCapex$20.25McapitalExpendituresFree cash flow-$53.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$53.18M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$40.42MoperatingIncomeTax expense-$10.83MincomeTaxExpensePretax income-$98.37MincomeBeforeTaxTax rate—Equity-$263.93MtotalStockholderEquityDebt$338.06MshortLongTermDebtTotalCash$898.00KcashInvested capital$73.24MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.22xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$40.42MoperatingIncomeNet PP&E$186.20MpropertyPlantAndEquipmentNetResult -0.22x |
| 2025 | 89.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$219.72MpropertyPlantAndEquipmentNetInventory$11.63MinventoryTotal assets$259.84MtotalAssetsResult 89.0% | 0.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$207.98MtotalRevenueNet PP&E$219.72MpropertyPlantAndEquipmentNetResult 0.95x | 2.71xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$26.00McapitalExpendituresD&A$9.58MdepreciationAndAmortizationResult 2.71x | -$4.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$259.84MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$566.67MtotalLiabTangible book-$306.83MShares65,785,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$4.66 | -0.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$25.03MebitdaCapex$26.00McapitalExpendituresInterest$61.14MinterestExpenseShort-term debt$317.87MshortTermDebtEBITDA − capex-$51.03MPrincipal due is short-term debt.Result -0.13x | -$22.74MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.26MtotalCashFromOperatingActivitiesCapex$26.00McapitalExpendituresFree cash flow-$22.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$22.74M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$37.22MoperatingIncomeTax expense-$18.75MincomeTaxExpensePretax income-$95.75MincomeBeforeTaxTax rate—Equity-$306.83MtotalStockholderEquityDebt$381.76MshortLongTermDebtTotalCash$4.89McashInvested capital$70.04MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.17xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$37.22MoperatingIncomeNet PP&E$219.72MpropertyPlantAndEquipmentNetResult -0.17x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $219.72M
Inventory: $11.63M
Total assets: $259.84M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $566.67M
Tangible book: -$306.83M
Shares: 65,785,000
Revenue: $207.98M
Capex: $26.00M
D&A: $9.58M
EBITDA: -$25.03M
Interest: $61.14M
Short-term debt: $317.87M
Free cash flow: -$22.74M
Operating income: -$37.22M
Invested capital: $70.04M
Tax rate: —